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Legislative Year: 2023 Change
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Bill Detail: HB23-1018

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Title Timber Industry Incentives
Status House Committee on Agriculture, Water & Natural Resources Refer Amended to Finance (02/06/2023)
Bill Subjects
  • Fiscal Policy & Taxes
  • Labor & Employment
  • Natural Resources & Environment
  • State Government
  • State Revenue & Budget
House Sponsors M. Lynch (R)
Senate Sponsors C. Simpson (R)
House Committee Agriculture, Water and Natural Resources
Senate Committee
Date Introduced 01/09/2023
Summary

Wildfire Matters Review Committee. The bill creates the timber,
forest health, and wildfire mitigation industries workforce development
program (program) in the state forest service. The program provides
partial reimbursement to timber businesses and forest health or wildfire
mitigation entities for the costs of hiring interns. The forest service must
adopt rules, policies, and procedures for the program, including criteria
for an internship to qualify, best practices for recruiting and selecting
interns to increase representation of historically underrrepresented
communities in the industries, the criteria to use in selecting qualified
interns, the required educational experience for an intern, and
administrative requirements for the program.
For income tax years beginning on or after January 1, 2023, but
before January 1, 2028, a business involved in forestry, logging, the
timber trade, the production of wood and secondary products, or forest
health and wildfire mitigation activities in Colorado may claim a credit
against state income tax for 20% of the cost incurred by the taxpayer in
purchasing certain equipment, vehicles, and equipment infrastructure. The
total aggregate credit in any one income tax year is limited to $10,000.
Any amount of the credit that exceeds the taxpayer's income tax liability
is not refundable but may be carried forward for up to 5 years.

Committee Reports
with Amendments
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Fiscal Notes Fiscal Notes (02/01/2023) (most recent)  
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